After experiencing a rapid downturn, Ethereum has found itself supported by a substantial zone, comprising the 100-day moving average and a critical price range between the 0.5 and 0.618 Fibonacci levels. Consequently, a bullish rebound is anticipated in the medium term.
Technical Analysis
By Shayan
The Daily Chart
A thorough examination of the daily chart reveals an extended period of corrective retracements, culminating in the price finding support within a pivotal zone.
This zone encompasses the 100-day moving average at $3050 and the significant price range between the 0.5 ($3190) and 0.618 ($2972) Fibonacci levels.
This range carries significance as it attracts considerable demand, potentially hindering further downward pressure from market sellers. Additionally, a minor bullish divergence between the price and the RSI indicator suggests the potential for a bullish resurgence, targeting a reclaim of the $3.5K threshold. However, despite the bullish indications, an unexpected breac
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